LONDON: Egypt received €1 billion ($1.16 billion) from the EU on Thursday. The payment, designed to help boost the country’s financial stability, is part of a €5 billion macro-financial assistance package agreed in 2024.
The transfer was made after Egypt implemented a range of economic reforms, including improvements to public financial management and the foreign exchange market, the European Commission said.
The money is intended to help Egypt cover part of its financing needs, ensure economic stability, and support the country's economic reform agenda.
The €5 billion in macro-financial assistance, part of a broader €7.4 billion package, comes in the form of concessional loans that Egypt will have 35 years to repay. Thursday’s payment was the second, after an initial €1 billion was disbursed in December 2024. The remaining €3 billion is expected to be paid in two further installments this year.
Rania Al-Mashat, Egypt’s minister of planning, economic development and international cooperation, said the funding reflected the depth of Egyptian-European relations.
